SY revenueFY2025CN¥1.52B
- FY YoY
- +3.9%
- 5Y CAGR
- +3.3%
SY revenue was CN¥1.52B for fiscal 2025 (ended Dec 31, 2025), up 3.9% from fiscal 2024. Compound annual growth was +3.3% over 5 years. It rose in 6 of the last 8 fiscal years.
Financials · SY
So-Young International Inc. (SY) financials
For fiscal 2025 (ended Dec 31, 2025), So-Young International Inc. reported CN¥1.52B of revenue and -CN¥242.30M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥1.52B
- Revenue growth, YoY
- +3.9%
- Net income, FY2025
- -CN¥242.30M
- Net margin
- -15.9%
- Free cash flow, FY2025
- -CN¥302.01M
- Cash
- CN¥418.21M
FY2017FY2025
FY2017FY2025
FY2017FY2025
SY revenue and earnings growth
SY net incomeFY2025-CN¥242.30M
SY net income was -CN¥242.30M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥589.53M in fiscal 2024.
SY free cash flowFY2025-CN¥302.01M
SY free cash flow was -CN¥302.01M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥88.18M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.52B | CN¥1.47B | CN¥1.50B | CN¥1.26B | CN¥1.69B | CN¥1.29B | CN¥1.15B | CN¥617.23M | CN¥259.31M |
| Cost of revenue | CN¥795.72M | CN¥567.59M | CN¥544.34M | CN¥393.29M | CN¥327.89M | CN¥212.21M | CN¥198.63M | CN¥91.56M | CN¥44.80M |
| Gross profit | CN¥727.69M | CN¥899.11M | CN¥953.69M | CN¥864.58M | CN¥1.36B | CN¥1.08B | CN¥953.01M | CN¥525.66M | CN¥214.51M |
| Research and development | CN¥137.04M | CN¥165.03M | CN¥203.52M | CN¥235.09M | CN¥286.57M | CN¥229.19M | CN¥177.27M | CN¥94.73M | CN¥32.56M |
| Selling, general and admin | - | CN¥324.07M | CN¥290.76M | CN¥260.21M | CN¥252.21M | CN¥183.99M | CN¥160.53M | CN¥75.44M | CN¥29.73M |
| Operating income | -CN¥286.18M | -CN¥624.49M | -CN¥61.05M | -CN¥102.81M | -CN¥32.57M | -CN¥56.69M | CN¥145.18M | CN¥49.13M | CN¥24.76M |
| Pre-tax income | -CN¥246.11M | -CN¥588.09M | CN¥7.87M | -CN¥87.07M | -CN¥16.41M | CN¥93.0K | CN¥226.46M | CN¥58.25M | CN¥13.22M |
| Income tax | CN¥796.0K | -CN¥905.0K | -CN¥18.07M | -CN¥20.96M | CN¥21.23M | -CN¥4.78M | CN¥49.73M | CN¥3.17M | -CN¥3.98M |
| Net income | -CN¥242.30M | -CN¥589.53M | CN¥21.28M | -CN¥65.55M | -CN¥8.37M | CN¥5.81M | CN¥176.72M | CN¥55.08M | CN¥17.20M |
| Diluted shares | 77.9M | 79.4M | 78.1M | 82.7M | 81.7M | 83.8M | 63.3M | 24.6M | 26.9M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥418.21M | CN¥587.75M | CN¥426.12M | CN¥701.00M | CN¥1.34B | CN¥1.15B | CN¥901.18M | CN¥563.38M | CN¥440.86M |
| Receivables | CN¥51.53M | CN¥98.77M | CN¥57.22M | CN¥36.01M | CN¥54.83M | CN¥52.87M | CN¥26.11M | CN¥10.47M | - |
| Inventory | CN¥233.39M | CN¥151.75M | CN¥118.92M | CN¥120.48M | CN¥91.81M | - | - | - | - |
| Current assets | CN¥1.48B | CN¥1.72B | CN¥1.72B | CN¥1.92B | CN¥2.03B | CN¥2.80B | CN¥2.96B | CN¥1.28B | - |
| Goodwill | CN¥684.0K | CN¥684.0K | CN¥540.69M | CN¥540.69M | CN¥540.69M | CN¥48.50M | - | - | - |
| Total assets | CN¥2.65B | CN¥2.74B | CN¥3.21B | CN¥3.20B | CN¥3.33B | CN¥3.29B | CN¥3.23B | CN¥1.34B | - |
| Current liabilities | CN¥784.05M | CN¥630.21M | CN¥540.42M | CN¥538.04M | CN¥712.40M | CN¥570.87M | CN¥466.51M | CN¥302.16M | - |
| Short-term debt | CN¥39.81M | CN¥69.77M | CN¥29.82M | - | - | - | - | - | - |
| Total liabilities | CN¥980.82M | CN¥776.43M | CN¥653.25M | CN¥590.00M | CN¥813.33M | CN¥672.44M | CN¥587.32M | CN¥302.16M | - |
| Shareholders' equity | CN¥1.55B | CN¥1.84B | CN¥2.56B | CN¥2.61B | CN¥2.52B | CN¥2.60B | CN¥2.64B | -CN¥357.57M | -CN¥166.96M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥105.39M | -CN¥25.63M | CN¥22.50M | -CN¥112.87M | CN¥84.29M | CN¥179.18M | CN¥383.82M | CN¥198.99M | CN¥90.88M |
| Capital expenditures | CN¥196.62M | CN¥62.55M | CN¥51.18M | CN¥15.71M | CN¥45.06M | CN¥36.96M | CN¥37.54M | CN¥6.41M | CN¥222.0K |
| Free cash flow | -CN¥302.01M | -CN¥88.18M | -CN¥28.68M | -CN¥128.58M | CN¥39.23M | CN¥142.22M | CN¥346.28M | CN¥192.58M | CN¥90.66M |
| Investing cash flow | -CN¥42.81M | CN¥257.04M | -CN¥202.61M | -CN¥572.21M | CN¥339.82M | CN¥123.84M | -CN¥1.34B | -CN¥569.37M | CN¥7.03M |
| Financing cash flow | -CN¥63.70M | -CN¥21.51M | -CN¥100.02M | -CN¥13.59M | -CN¥216.74M | -CN¥5.80M | CN¥1.27B | CN¥485.41M | CN¥324.67M |
| Dividends paid | CN¥19.03M | CN¥43.57M | - | - | - | - | - | - | - |
| Share repurchases | CN¥15.25M | CN¥18.24M | CN¥125.62M | CN¥15.12M | CN¥217.71M | - | - | - | - |
| Stock-based compensation | CN¥8.92M | CN¥32.66M | CN¥36.32M | CN¥43.34M | CN¥106.15M | CN¥92.17M | CN¥104.21M | CN¥25.86M | CN¥2.66M |
| Depreciation and amortization | CN¥57.21M | CN¥45.92M | CN¥46.09M | CN¥47.09M | CN¥30.08M | CN¥14.09M | CN¥6.13M | CN¥1.67M | CN¥619.0K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 3.9% | -2.1% | 19.1% | -25.7% | 30.7% | 12.4% | 86.6% | 138.0% | - |
| Net income growth, YoY | - | - | - | - | - | -96.7% | 220.8% | 220.2% | - |
| Gross margin | 47.8% | 61.3% | 63.7% | 68.7% | 80.6% | 83.6% | 82.8% | 85.2% | 82.7% |
| Operating margin | -18.8% | -42.6% | -4.1% | -8.2% | -1.9% | -4.4% | 12.6% | 8.0% | 9.5% |
| Net margin | -15.9% | -40.2% | 1.4% | -5.2% | -0.5% | 0.4% | 15.3% | 8.9% | 6.6% |
| Free cash flow margin | -19.8% | -6.0% | -1.9% | -10.2% | 2.3% | 11.0% | 30.1% | 31.2% | 35.0% |
| Return on equity | -15.6% | -32.1% | 0.8% | -2.5% | -0.3% | 0.2% | 6.7% | - | - |
| Return on assets | -9.1% | -21.6% | 0.7% | -2.0% | -0.3% | 0.2% | 5.5% | 4.1% | - |
| Current ratio | 1.89 | 2.74 | 3.19 | 3.56 | 2.85 | 4.90 | 6.34 | 4.23 | - |
Source: XBRL data So-Young International Inc. files with the SEC, latest filing dated Apr 23, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
SY peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| SY | CN¥1.52B | +3.9% | -CN¥242.30M | -15.9% | $199.6M |
| ADP | $22.26B | +6.5% | $4.53B | 20.3% | $119.24B |
| INFY | $20.16B | +4.6% | $3.31B | 16.4% | $50.24B |
| WDAY | $10.15B | +13.3% | $1.25B | 12.3% | $45.84B |
| ZS | $3.35B | +25.4% | -$63.18M | -1.9% | $32.45B |
| CTSH | $21.89B | +5.0% | $2.57B | 11.8% | $28.43B |
| VRSN | $1.73B | +6.5% | $849.80M | 49.1% | $27.43B |
| VRSK | $3.18B | +4.9% | $879.20M | 27.7% | $25.73B |
| IOT | $1.85B | +29.5% | $90.55M | 4.9% | $24.73B |
SY FAQ
8 questionsWhat is SY revenue?
So-Young International Inc. (SY) reported CN¥1.52B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 3.9% from the year before.Is SY profitable?
No. So-Young International Inc. reported a net loss of CN¥242.30M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does SY have?
So-Young International Inc. reported CN¥418.21M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is SY revenue growing?
So-Young International Inc.'s revenue changed +3.9% in fiscal 2025, to CN¥1.52B. Its compound annual growth rate was +3.3% over 5 years.What is SY gross margin?
So-Young International Inc.'s gross profit was CN¥727.69M on CN¥1.52B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 47.8%.What is SY free cash flow?
So-Young International Inc. generated -CN¥302.01M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -CN¥105.39M less capital expenditures.When did SY last report financial results?
The latest statements here come from So-Young International Inc.'s 20-F filed on Apr 23, 2026, covering the period ended Dec 31, 2025.Where does this SY financial data come from?
Quantisnow builds these statements from the structured XBRL data So-Young International Inc. files with the SEC. It is provided for information only and is not investment advice.